First Pension Payment

for Retirees in the Tier 2 Regular Plan

When Will I Get My First Payment?

In most cases, you will get your first pension payment about two to three weeks after your pension effective date. Your pension effective date is the first day of the month after you stop working for your employer. For example, if your last day of work is September 15:

You received service credit for the month of September

Your pension effective date is October 1

How Much Will My First Payment Be?

IMRF wants to start your pension payments as soon as possible, so your first few pension payments will be estimated amounts until we receive your final wage information from your employer.

This estimated amount:

Uses the current wage and service credit information we have at the time of your retirement

Is based upon IMRF’s Standard pension payment option.

You are always eligible for the Standard pension option. If you are eligible for any additional pension payment or retirement refund options (in addition to the Standard pension option):

We will send you an Option Letter within six to eight weeks after you retire (if you are retiring reciprocally it may be later)

You will select your final payment choice(s) and return your Option Letter to IMRF

Retirement Refund Options

Voluntary Additional Contributions

If you participate in the Voluntary Additional Contribution (VAC) program and leave your VAC on deposit with IMRF until retirement, you may choose to receive your VAC as either:

Surviving Spouse Contributions

If you do not have an eligible spouse when you retire (married or in a civil union for at least one year before you stopped participating in IMRF, and still married to this spouse on your pension effective date), IMRF will refund your surviving spouse contributions, with interest. You can either:

Choose a one-time lump sum payment

Choose a lifetime monthly annuity, if the lump sum converted to an annuity would equal at least $10.00 a month

SLEP or ECO Service Contributions

If you have SLEP and/or ECO service credit but do not qualify for a pension under one or both of these plans at retirement, these contributions will be refunded to you with interest. You can either:

Choose a one-time lump sum payment

Choose a lifetime monthly annuity, if the lump sum converted to an annuity would equal at least $10.00 a month

The IMRF website provides a brief summary of IMRF benefits and the administration of those benefits. IMRF members' and employers' rights and obligations are governed by Article 7 of the Illinois Pension Code. Statements on the IMRF website are general, and the Illinois state law governing IMRF is complex and specific. If a conflict arises between information in the IMRF website and the law, all decisions are based on the law.